Tuesday, April 12, 2011
Nancy Pelosi And The Student Lending Scam
"It's not often that House Minority Leader Nancy Pelosi camps under the GOP tent, but that's just what happened recently when she broke ranks with Bay Area Democrats and the Obama administration and voted to keep billions of dollars in federal student aid flowing into the coffers of for-profit colleges.
She had her reasons. Some of the biggest recipients of the $32 billion in federal student loans and Pell Grants each year paid to for-profits are in her district - including major Democratic donor John Sperling, founder of the online University of Phoenix, the nation's largest for-profit college.
The issue arose after Education Secretary Arne Duncan proposed a rule that would stiffen federal aid requirements for for-profits, making them provide stats showing that their students actually are getting the jobs they trained for."